US Job Market getting weaker

Bad News from US and Europe keeps pouring in. Here is a recent list.

Circuit City, second largest US electronics retailer is now selling its assets and closing down which will lead to a loss of about 30,000 jobs.

Circuit City Stores Inc. said Friday it will begin liquidating its assets, after the nation's second-largest consumer-electronics chain by sales failed to reach an agreement with creditors and lenders and was unable to sell itself.

Intel net profit falls by 90%. Sales drop by 23%.
Intel's report, which serves as a leading indicator of consumer and business spending on technology, kicks off what investors expect to be a parade of dismal technology earnings reports.

Bank of America and Citi report huge losses.
Bank of America Corp. swung to a fourth-quarter loss as provisions for credit-losses nearly tripled, while the company showed why it needed further help from the government to support its acquisition of Merrill Lynch, whose preliminary loss was $15.31 billion.
Citigroup Inc. reported an $8.29 billion net loss for the fourth quarter, putting the year's red ink at $18.72 billion, as the company announced it will reorganize into two business lines focused on banking and other financial services.

US Industrial production down by 11%.
Calculated Risk:
Capacity utilization ... fell to 73.6% from 75.2%. This is the lowest level since December 2001. Industrial output fell at an 11.5% rate in the fourth quarter.

European New car sales fall to lowest in 15 years.
European new-passenger-car registrations slumped to a 15-year low in 2008 as weak consumer confidence ate into demand for new cars amid the world-wide financial crisis.

Jan 16, 2009

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